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Wynn Resorts cuts salaries and work hours to reduce costs
Officers of Wynn Resorts Ltd, owner and operator of Wynn Las Vegas and Encore, have informed that they will reduce wages for all salaried workers at its Wynn Las Vegas casino and cut work weeks for full-time hourly employees to avoid cutting any jobs. The measure is part of a plan expected to save the company from $75 million to $100 million a year.
"In effect, everybody makes a little bit less money, but everyone keeps their job. We don't want anybody on unemployment here." said Steven Wynn.
Some of the major Las Vegas hotel and casino operators have struggled to reduce their operative costs and have cut hundreds of positions as the recession grows and the consumers erase traveling and gambling from their list of priorities. Wynn expressed that his company also has a series of complementary measures that will help them to save cash, including the elimination of its bonus accrual and the suspension of its 401(k) matching contributions.
"We will make decisions that protect and preserve the stability of the employees and allow the company to optimize its performance," said Steven A. Wynn, chairman and chief executive, in a statement released on Tuesday.
Wynn Resorts said its general balance still stable, with more than $1 billion of cash and only $375 million worth of debt due to be paid within the next two years.
"In effect, everybody makes a little bit less money, but everyone keeps their job. We don't want anybody on unemployment here." said Steven Wynn.
Some of the major Las Vegas hotel and casino operators have struggled to reduce their operative costs and have cut hundreds of positions as the recession grows and the consumers erase traveling and gambling from their list of priorities. Wynn expressed that his company also has a series of complementary measures that will help them to save cash, including the elimination of its bonus accrual and the suspension of its 401(k) matching contributions.
"We will make decisions that protect and preserve the stability of the employees and allow the company to optimize its performance," said Steven A. Wynn, chairman and chief executive, in a statement released on Tuesday.
Wynn Resorts said its general balance still stable, with more than $1 billion of cash and only $375 million worth of debt due to be paid within the next two years.